Q: I got offered a buyout amount for a jointly-owned condo in Estes Park Colorado, I was wondering if it is fair and just.
The value of the property is $395,000 In the amount owed is $330,000 and the net value equity is $65,000 and the outstanding debt is 20000 and the down payment was 12,000 which was paid in full by my wife and they are offering me 5,000 for to buy me out and they offering me a chance for me to not pay any Marital debt. if accept this offer then I will be taken off the loan and the title. Is this a good offer or should I let the court handle the distribution of property.
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A:
Good morning,
I think this is better posed as a math question. There are allot of factors to this question that are not shown here including your risk tolerance, the cost to sell the house, the real FMV. I would think 1st you would need to establish if there is a presumption that you are entitled to 50% of the assets and liabilities or some other number. Next, you need to determine if she is entitled to 100% of the down payment. Once you establish those two factors, I think you can play with the numbers to figure out if the offer is fair.
I would think most lawyers would be hesitant to give you a thumbs up or down because it could be construed as legal advice. I think you need to hire an attorney or do some of the footwork yourself. Luckily, the numbers are not too complex. Good luck.
Please be aware that nothing is legal advice. Do not rely on it. Please hire a licensed professional.
Peter J. Weinman agrees with this answer
A: Any offer, including this one, needs to be considered in light of the whole financial picture. More information is needed. What is the source of her $12,000.00? How long ago was this done? How long have you been married? What would be the net proceeds if the property was sold? What is the cost of going to trial? how much better (or worse) could you do if you went to trial? Does it "feel fair" to you? You should get a lawyer to help you with this.
Peter J. Weinman agrees with this answer
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A: I agree with the first two answers. This is more of a business decision or a matter of personal opinion than a legal question.
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